I see two things of interest in that news, other than the most obvious. One is the conversion price of 10.212, which at first looks bearish. Second is that they got rid of $37,537,500 of debt, with only 4,582,559 shares of common stock. Somewhat bullish in that it sets a floor price under the stock, and gets rid of that much debt, and ongoing interest expense, thus raising the net equity, but bearish in that the conversion looks like about a $8.50/share issue dilution. I say about $8.50/share because their math does not add up in that news piece to the stated 10.212/share stated.
I suspect some of those shares will get sold immediately which is short term bearish.